A sad day for all New Jersey skateboarders and surfers – all Quiksilver, Billabong and Volcom stores will be closing.

Parent company Liberated Brands filed for bankruptcy and announced that all U.S. brick-and-mortar stores will be closing in the coming weeks. More than 100 locations are expected to close.

The Billabong store in Shrewsbury is staying open with rebranding since it's a family business.

"We're here to stay we're family run," said Danielle Mesanko. "Privately own business and we'll be here for the long run."

"My dad has been doing this since the 70s," said Luke Mesanko. "Me, my sister and brother have been running store along side him for a long time. So it's just a change in the name for us."

Thier dad, Greg, had a surf store called Grog’s Surf Palace. Greg “Grog” Mesanko is a member of the New Jersey Surfing Hall of Fame and the East Coast Surfing Hall of Fame.

Liberated Brands blamed fast fashion rivals and other economic factors for its financial struggles.

The good news is that the iconic skate and surf brands aren’t disappearing altogether. Liberated Brands says it is transitioning its licenses to another operator to continue making the clothes.